News
Acoma Energy, LLC “Acoma” recently relocated its corporate headquarters to Lubbock, TX in an effort to find itself closer to the prolific Permian Basin and, more specifically, its current projects
With the dream to start and build an oil and gas operating company the owners of Acoma recognized the importance of being close to the operated assets and having the luxury of being on location during critical rework and new drill instances.
Acoma Operating, LLC (“Operating”) concludes 2023 with a 150 conventional well acquisition, known as the ‘Wolf Prospect’. Thus, bringing total operated well count to 200+ and surpassing 200boe/d. Acoma Operating plans to implement current personal and lessons learned over the past two years to immediately boost production on the Wolf Prospect.
When managing an asset like the Wolf Prospect, Matthew Anderson-President of Acoma Energy, states, “Having the opportunity to re-energize an asset that has been ignored by the previous operators of the Wolf Prospect is an excellent change for us to execute the way we have proven to ourselves time and again…efficient management of services and simplistic views of re-work.” Acoma expects to swing the daily production the Wolf Prospect back to its ‘heydays’ and is targeting 250bo/d+ in daily production from the asset.
AEC begin as Matthew Anderson partnered with a Lubbock Native, JR Christy to create an equipment rental business. The two currently have over 55 pieces of equipment (telehandlers, manlifts, dirt movers, etc) on rent in West, Texas. AEC has now obtained over 20 clients by focusing on providing the best equipment, great rates and top tier service.
Acoma Operating, LLC (“Operating”) wraps up 2022 by achieving various goals. First, the company surpassed 100boe/d of production from its 50+ operated wells in West Texas. Secondly, it drilled and completed its first oil and gas well in Ector County, TX on the Grove ‘A’ lease located in the TXL Field.
The Grove ‘A’ #2 well was perforated and acidized in early November and is set to be frac’d in the final week of December. Operating was formed upon the opening of the West Texas office. It has grown its production profile methodically and organically from a ‘grass roots’ acquisition effort. Operating plans on surpassing the 200boe/d threshold of daily production with the completion of the Grove ‘A’ #2 well and the drilling and completion of the next Grove ‘A’ well, the #3. Along with maintaining its current production Operating is actively acquiring additional leases in an effort to maximize production and improve cash flow.
Denver, CO-Utilizing every facet of their abilities Acoma Energy, LLC has shifted its focus away from the congested and premium priced Permian Basin to focus on acquiring and developing oil and gas properties in the little-known Marietta Basin in Love County, OK.
Situated just North of the Red River which separates Texas and Oklahoma, Acoma has identified 10,000 gross acres of land which sits in the proper geological area for the development of oil and gas reserves. In a short time, Acoma has amassed a quite sizeable leasehold position and feels the acreage is prime for development and production. Initial well results from Acoma are promising and further development will certainly assist in delineating the sweeter spots of the basin.
“Transitioning our efforts away from the Permian Basin was a bit difficult to do since we have owned and developed assets there within our company for over a decade – not to mention our family’s ownership, which spans three generations. But I just can’t make complete sense of the prices being paid in the Permian any longer – especially with deflated commodity prices. Our entrance into the Marietta Basin was strategic, aggressive, and well-executed. We are going to be able to focus our dollars on development of oil and gas reserves, not cost of entry only to be left short of drilling and development funds. I am extremely proud of our team and our abilities in this venture.” Said Matthew Anderson, President of Acoma Energy, LLC.
Acoma is investing in a multiple vertical well development plan in the conventional Central Basin Platform. This plan targets several zones with multi-stage fracs. The first of these well, Grove, came online in the 1st quarter of 2018.
Acoma continues Delaware Basin development in multiple sections utilizing both one and two mile lateral well bores in the Wolfcamp shale. The Larson Well turned online in the 4th quarter of 2017 and is tracking with 1,100 MBOE EUR typecurve.
There has been further testing in the area of frac sizes up to 4,000 pounds per foot, and the neighboring Walter-Fister well is scheduled to frac in the first quarter of 2018. More drilling is slated for the 2nd quarter of 2018.
We are evaluating Wolfcamp shale productivity in central Eddy County, New Mexico, by implementing high proppant volumes and tight interval spacing. Acoma’s first two-mile lateral “Ghost Rider”
(operated by Mewbourne Oil Company) was turned online in the 4th quarter of 2017 and the well is consistently producing 1,100 barrels per day.
In the Midland Basin, Acoma Energy is moving forward with a development plan that includes 15 wells in Glasscock County, TX named the Harris-Cook wells. These wells fall within four productive, unconventional zones utilizing two-mile lateral bores.
The first three wells came online in the fourth quarter of 2017 and the remainder of the development plan is slated for completion by third quarter of 2018. The production of the wells so far has indicated ample upside to the development of the remaining locations.
